Quarterly News
Reflections from the Executive Director
The end of the year is always a good time for reflection, and that’s especially true for me this December as my tenure as CAAB’s Executive Director draws to a close. The past 5 years have been incredibly rewarding for me. It has been a great privilege to lead an organization that betters lives each day by giving people the knowledge, skills, and support they need to become more self-sufficient and financially secure. Having grown up in a family where the importance of saving for future goals was instilled in me at a very young age, I have developed a passion for sharing what I have learned and gained through personal experience with others in my community. Through my work at CAAB, I have had the rare opportunity to work in partnership with hundreds of individuals who have that same passion and are eager to ignite it in others.
At the end of the day – and the year – our work is about far more than teaching people to save. The real power of financial education is that it opens minds and doors to opportunities that seemed out of reach; what was once an impossible dream for an individual or family is now the first of many achievable goals on the horizon. For me, there is nothing more satisfying than playing a supporting role in that transformation.
I’m deeply grateful to CAAB's dedicated and talented staff and Board of Directors for working side-by-side with me to expand the organization’s programs and deepen its impact over the past several years, and I look forward to welcoming a new Executive Director to lead this vibrant organization in 2010 and beyond.
Sincerely,
Colleen Dailey
Support CAAB Savers at SaveTogether.org
CAAB and its IDA savers are now featured on SaveTogether.org, a new online platform that lets donors match the savings of low-income workers across 
the country dollar for dollar. Similar to kiva.org, the website connects individual donors directly to participants in matched savings programs like CAAB’s. Profiles of three of CAAB’s IDA savers have been posted, and more will be added in the New Year.
Donors are asked to match their savings goals of $1,000, with contributions of as little as $1. Each of the profiled savers has been saving regularly for at least 6 months, and CAAB closely monitors their savings and requires that they attend financial education classes. Donors will receive periodic updates about the progress their selected
saver has made towards their goal, and donors will be notified when their saver has invested his or her funds in a home, education, or small business.
Support CAAB savers and the IDA program by making a gift through SaveTogether.org – it’s easy and it’s fun!
The DC EITC Campaign, coordinated by CAAB, is recruiting Tax Preparers, Savings Promoters, and Interpreters for the upcoming 2009 tax season, and you can help!
The Campaign provides free tax preparation assistance to thousands of hard-working, low-income individuals and families, and connects many of those taxpayers with savings opportunities and financial resources.
Last year, the Campaign assisted more than 6,000 taxpayers who claimed over $3.4 million through the EITC and $9.1 million in total refunds. Many taxpayers also took positive financial action by opening savings accounts, purchasing savings bonds, applying for food stamps, or signing up for DC Saves.
To learn how you can get involved, visit www.dceitc.org/volunteer.html.
The Citi Foundation awarded CAAB $30,000 to host a 3-day mentor-coaching and training program for financial counseling and affordable housing service providers serving low- and moderate-income individuals in the DC Metro area. Held at CAAB’s office December 1-3, the training was conducted by Leadership That Works, a coaching and leadership development firm based in Pennsylvania. A total of 30 nonprofit professionals took advantage of the opportunity to develop their ability to motivate and empower their clients, improve their communication skills, and foster a growing culture of coaching and communication among the region’s nonprofit leadership.
Other recent grant awards include $45,000 from the Morris & Gwendolyn Cafritz Foundation, $20,000 from the Mayor’s Office on Latino Affairs, and $20,000 from the Marpat Foundation to support CAAB’s matched savings programs; $50,000 from E*Trade Financial, $10,000 from Ameriprise Financial, and $10,000 from Wachovia-Wells Fargo Foundation to support our money management classes; $10,000 from the Capitol One Foundation to support the DC EITC Campaign; $10,000 from the Washington Area Women’s Foundation to support policy and advocacy work; $35,000 from the Meyer Foundation, $30,000 from the Moriah Fund, and $2,500 from SunTrust Bank for general operating support.
CFED’s Assets & Opportunity Scorecard measures families’ financial security by looking beyond income to the whole picture of building assets and protecting families against financial setbacks. As one of CFED’s Scorecard partners, CAAB is leading a campaign to build support for policies that promote greater economic security and mobility for District residents. Read our recent press release and join us in this effort!
Between January 1 and November 30, 2009:
- 150 individuals joined CAAB’s IDA and MDA savings programs.
- 357 IDA and MDA Savers deposited a total of $178,455 into their accounts.
- 175 individuals completed Money Management 101 classes.
- 115 individuals or couples received one-on-one financial counseling.
Give a Gift that Keeps on Giving
During this economic downturn CAAB has been a bright spot in our region—helping thousands of individuals in their journeys toward financial independence. CAAB’s programs have never been more relevant or needed; this year we’ve seen demand for our financial education and savings programs nearly double, while funding from private foundations and the District government continues to decline.
We have a waiting list of nearly 200 individuals and families who are eager to participate in our matched savings programs, and even more people are signing up for our money management classes to learn how to get out of debt. The DC EITC Campaign is seeing the largest funding shortfall in its history, leading to the part-time shuttering of tax preparation sites that thousands of low-income residents have come to rely on year after year.
Because we’ve been asked to give more, we find ourselves in need of more support from our clients, donors and friends. You may think your donation is too small to make a difference, but just $25 provides 50% of CAAB’s monthly matching contribution to a successful saver.
Donations can be made out to "Capital Area Asset Builders", and can be mailed to CAAB at:
1801 K Street NW, Suite M100
Washington, DC 20006
Or, donations can be made online through
the Catalogue for Philanthropy.
If you are in a position to make a charitable contribution this holiday season, please consider giving the gift of financial independence, security and hope.
Learn more about how our work is putting families on the road to financial independence at www.caab.org.
| Help CAAB close its waiting list for IDA participants! Cick here to find out how. |
In this issue
- Reflections from the Executive Director
- Support CAAB Savers at SaveTogether.org
- Volunteer with the DC EITC Campaign
- New Funds Awarded
- Assets & Opportunity Campaign
- CAAB by the Numbers
- Give a Gift that Keeps on Giving
Mother and Daughter Saving Together:
Meet Vicky and Kiyana Rayfield, a mother and daughter both working to expand their businesses with help from CAAB IDAs, and supporting each other along the way.
DC EITC Campaign is on Facebook
The DC EITC Campaign has launched a new Facebook page ahead of the coming tax season.
Facebook fans will see regular Campaign updates, in addition to tax-related news posts and events of interest to Campaign volunteers.
You do not have to have a Facebook account to see our new page- check it out today!